- Litecoin is in a falling wedge pattern in the medium-term
- The coin is struggling to find meaningful trading bias
- If Litecoin LTC doesn’t overcome $54, it faces resistance at $38
Litecoin news today – The price of LTC is having a struggle as it tries to find meaningful trading bias in the medium-term. The coin is currently consolidating alongside the broader digital asset market at press time. Litecoin price analysis indicates that the falling wedge pattern is currently dominating the medium-term via the daily chart. The price of Litecoin has since been trapped between $40.00 and $50.00. It has been held within this price range for more than five weeks now, as the LTC/USD trading pair continues to find it difficult to get a clear price action. Let us see more about how Litecoin’s price performed in the last 24-hours.
Litecoin (LTC) Price Today – LTC / USD
Litecoin Price Prediction – The Daily Chart Shows LTC/USD in a Falling Wedge
According to the daily chart for LTC/USD, the digital currency is trading in a falling wedge pattern stated above. The falling wedge pattern has ensured that the digital asset is held up between the $38.00 and $54.00 price positions. According to how long or short the falling wedge pattern is, the LTC/USD pair could continue to rally to the upside and approach the $80.00 level. This can only be feasible if there is a break above the $54.00 position. However, when you consider the other possibility. That is a situation where the digital asset tries and fails to overcome this price position of $54.00, it is possible that the LTC/USD trading pair will be rejected at the end of the falling wedge pattern. This point should fall around the $38.00 price position.
Litecoin News Today – Litecoin Has a Bullish Bias in the Short-term Outlook
Technical analysis of LTC/USD over the past 24-hours indicates that the digital currency has a bullish short-term bias. At press time, the coin is still holding this position as it trades above the $45.00 area. The 4-hour chart for LTC/USD shows that there is a valid bearish head and shoulders trendline present. Going by how extended the bullish pattern appears, the LTC/USD trading pair could fall somewhere around the $27.00 area in the short term. Traders must remember that the neckline of this pattern is located at the $38.00 area which is a support level. Hence, any movement above the $51.00 area would invalidate the bearish pattern. In turn, this can make LTC/USD to rally to $62.00 position. We recommend that traders lookout for a strong directional action once there is a break from $38.00 and $54.00.